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Mascoutah, Illinois | I think the top is in unless corn screams higher for another dollar. Our basis in St. Louis is begging for beans in December, January, and February with plus 20-30.
One has to believe we will see more wheat acres and corn acres with the higher prices. Do soybeans get shunned next spring and acres are reduced significantly? I have to think so. Do I want to hold beans for four to six months waiting for that answer? It is tough until we get the final USDA Report in January of 2011. Beans are definitely the laggard. The price ratio is around 2.20 between corn and beans. It had been consistently running 2.60 the last two to three years.
It is a head scratcher around here what to do with soybeans. We need to see another retest of $10.50 in the November contract for clarity. If it fails at $10.50 you are going to have to be quite patient. | |
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